* Dubai's DSI rises despite wider Q4 net loss
* DXB Entertainments rises on first yearly revenue
* Arabtec slides for second day
* Dana Gas up on award in dispute with Kurdistan
* Kuwait rises in heavy trade
By Celine Aswad
DUBAI, Feb 14 Corporate earnings and other news
from companies in Dubai helped that market rise on Tuesday,
while Abu Dhabi was supported by earnings at Union National Bank
and an arbitration judgement in favour of Dana Gas.
Dubai's index rose 0.4 percent as Drake & Scull
climbed 6.9 percent after slumping by as much as 8
percent in the opening minutes of trade.
The builder reported a net loss in the fourth quarter of 490
million dirhams ($133.5 million) versus a profit of 14.7 million
dirhams in the prior-year period.
But after initially reacting to that news, investors focused
on the company's statement that as part of a turnaround and
capital restructuring plan, it was considering proposing a
rights issue of 500 million dirhams in equity to a strategic
investor, and that it had secured a binding offer to participate
from a local investment firm.
"The initial drop in price triggered many buy orders -
traders were seeking to buy the stock on any price dip," said a
Dubai-based broker. "Also, investors are confident in the long-
term outlook for the company."
DXB Entertainments rose 2.8 percent after the
company reported revenue of 75.9 million dirhams in its first
year of operating amusement parks. But the company made a net
loss for 2016 of 485 million dirhams against a loss of 111
million dirhams in 2015.
Shuaa Capital jumped 5.8 percent after it made a
narrower quarterly net loss attributable to equity holders of
18.9 million dirhams, versus a loss of 161.8 million dirhams in
the prior-year period.
On Monday chairman Jassim Alseddiqi told Reuters that Shuaa
was working on a bolt-on acquisition of a financial services
company based in the United Arab Emirates as part of the
investment bank's growth plans.
Builder Arabtec, however, slumped by its 10
percent daily limit for a second consecutive session after it
reported on Monday a massive net loss for the fourth quarter.
Abu Dhabi's index added 0.2 percent on the back of a
6.4 percent jump in shares of Dana Gas, which said a
consortium including it was awarded $121 million by a London
arbitration tribunal in its dispute with the Kurdistan Regional
Government. The court also dismissed the government's
Union National Bank climbed 4.1 percent after
reporting a 29 percent year-on-year rise in quarterly net
profit. The bank's board proposed a 20 percent cash dividend for
2016, the same as for 2015.
Kuwait's index rose 1.4 percent to 6,751 points in
heavy trade, heading back towards technical resistance at its
mid-January peak of 6,980 points. Ten of the top 15 largest
companies by market value advanced with telecommunications
operator Zain adding 3.2 percent.
Saudi Arabia's index fell 0.4 percent in thin trade.
Banking shares were the main drag with 10 of the 12 listed
banks dropping; Bank Aljazira was the worst performer,
retreating 1.8 percent.
In Cairo, the main index fell 1.9 percent to 12,504
points on profit-booking. The index closed below technical
support at its early February low of 12,578 points; a second
straight day of losses would confirm a break, triggering a
double top formed by the highs of January and February which
would point down to around 11,500 points.
Roughly a quarter of the 30 most liquid shares fell more
than 5 percent, with Telecom Egypt slumping 8.2
percent and Oriental Weavers dropping 8.1 percent.
Qatar's stock market was closed for a public holiday.
* The index fell 0.4 percent to 7,033 points.
* The index added 0.4 percent to 3,653 points.
* The index edged up 0.2 percent to 4,573 points.
* The index lost 1.9 percent to 12,504 points.
* The index gained 1.4 percent to 6,751 points.
* The index edged up 0.1 percent to 5,819 points.
* The index was flat at 1,308 points.
(Editing by Andrew Torchia and Jon Boyle)